BTCTOP CEO Jiang Zhuoer has pushed back against fears that Strategy could become a major Bitcoin seller if the market falls further. In a recent post on X, Jiang said he does not believe Strategy will "substantially net sell BTC." He argued that the company still has a strong reason to protect its public image as a long-term Bitcoin holder, as breaking that image could cost the company more than it gains from reducing exposure. The CEO emphasized that Strategy's brand identity is deeply rooted in its "never-sell Bitcoin" narrative, with breaking this image having long-term reputational costs that outweigh any short-term financial benefits from reducing exposure.
Jiang said even a fall in Bitcoin to $30,000 would not make Strategy's debt profile unmanageable. As reported by Crypto.news, his leverage ratio would rise from about 5% to around 10% under that scenario. The company's leverage ratio is defined as the ratio of debt and preferred equity to Bitcoin holdings. This view differs from recent market concerns, with some investors warning that Strategy may face more pressure if Bitcoin, MSTR shares, and STRC preferred stock all weaken at the same time. However, Jiang noted that this increase would remain within manageable limits, with the company's capital structure providing sufficient flexibility to maintain its position without large-scale sales.
Jiang also discussed Strategy's STRC interest coverage model, according to Crypto.news reports. He said the company can sell older, low-cost Bitcoin and book accounting gains to cover STRC interest. The CEO added that new STRC proceeds can still support further Bitcoin purchases, allowing Strategy to maintain its message as a net buyer over time. Strategy's CEO Phong Le has also addressed financial resilience concerns, stating that Bitcoin would need to fall to $8,000 and remain at that level for five to six years before posing a serious threat to the company's ability to service debt. Le emphasized that Strategy is structured to withstand short-term volatility and has the capacity to endure difficult market conditions.
According to Crypto.news, Strategy sold 32 BTC between May 26 and May 31 at an average price of $77,135. The sale raised about $2.5 million and was linked to preferred stock dividend funding. The broader market context remains uncertain, with Bitcoin currently trading below $65,000 after a recent sharp decline. However, recent speculation has emerged around Strategy's recent activity, with on-chain analysts estimating that about 45,000 BTC, worth roughly $3 billion, left a Fidelity custody wallet between May 28 and June 1. Jiang called this speculation "overblown," noting that the wallet also holds assets for Fidelity's ETFs, making the attribution to Strategy an inference rather than a confirmed sale.
As previously reported by crypto.news, Grayscale warned that weaker STRC and MSTR prices could limit Strategy's ability to raise new capital for more Bitcoin purchases. Grayscale said falling STRC prices may require Strategy to raise dividend rates, increasing cash obligations that could make future Bitcoin sales more likely if other funding channels stay weak. However, Strategy has previously issued convertible debt and common stock to fund its Bitcoin purchases, and Jiang believes this capital structure provides sufficient flexibility to maintain its position without large-scale sales. Jiang defended the company's use of high-yield STRC preferred shares, which pay an 11.5% annual dividend in monthly installments, arguing that selling older Bitcoin lets Strategy book accounting profits to fund these payments while new STRC proceeds continue supporting fresh Bitcoin purchases.
